INSTITUTIONAL OWNERS AND CORPORATE SOCIAL PERFORMANCE

• 成果类型: Note
• 署名作者: GRAVES, SB; WADDOCK, SA
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/256611
• 发表日期: 1994
• 页码: 1034-1046
• 关键词: r-and-d; EMPIRICAL-EXAMINATION; RESPONSIBILITY; firm; investors

摘要

In this study, we hypothesize that institutions invest more heavily in companies with strong corporate social performance. Analysis indicated a significant, positive relationship between social performance and the number of institutions holding the shares of a company and a positive but insignificant relationship between social performance and the percentage of shares held by institutions. We conclude that improving a company's corporate social performance invokes no penalty in institutional ownership.